Caixin Securities·2025-07-18 06:30Investment Rating - The industry investment rating is maintained as "Leading the Market" [4] Core Viewpoints - The battery production in June 2025 reached 129.2 GWh, showing a year-on-year growth of 51.4% and a month-on-month increase of 4.6% [3] - The sales volume of batteries in June 2025 was 131.4 GWh, reflecting a year-on-year growth of 41.7% [3] - Exports of batteries in June 2025 increased by 22.5% year-on-year, totaling 24.4 GWh [3] - The top three companies in battery installation volume are CATL, BYD, and Zhongchuang Xinhang, with market shares of 43.67%, 21.47%, and 7.55% respectively [3] Summary by Sections Production and Sales Data - In June 2025, the total battery production was 129.2 GWh, with a year-on-year increase of 51.4% and a month-on-month increase of 4.6% [3] - The production of ternary batteries was 29.5 GWh, accounting for 22.8% of total production, while lithium iron phosphate batteries produced 99.5 GWh, making up 77.0% [3] - Battery sales reached 131.4 GWh in June 2025, with a year-on-year growth of 41.7% [3] Export and Installation Data - Total battery exports in June 2025 were 24.4 GWh, with a year-on-year increase of 22.5% [3] - The installation volume of power batteries was 58.2 GWh, reflecting a year-on-year growth of 35.9% [3] Investment Recommendations - The report suggests that the battery demand continues to grow rapidly, indicating a market with potential for expansion [4] - It highlights the competitive advantages of leading companies in the industry, recommending attention to CATL, Zhongke Electric, and other key players [4] - The development of solid-state batteries is noted as a promising future direction, with recommendations to focus on companies involved in solid-state battery technologies [4]